Chicago, Illinois (PRWEB) August 9, 2008
Foreclosures have become a huge problem with the current state of the lending market, which has had an unexpected affect on the Chicago rental apartments market. A recent ABC 7 Chicago news story, featuring Justin Kling of Apartment Savvy, explored how the drastic increase in foreclosures is affecting Chicago landlords and tenants.
The rate of foreclosures has doubled in recent years, according to the local ABC affiliate, and half of those can be tracked to Chicago landlords and investors. This has had unexpected affects on the people living in Chicago rental apartments, because when the owners lose the property the tenants have no choice but to move. This often results in the loss of security deposits and the uprooting of children from the neighborhoods and schools they have become accustomed to living in.
The Chicago landlords are often victims in these foreclosures, though, according to Justin Kling of Apartment Savvy. As the co-founder of Chicago's premiere apartment locating service, Kling says he has seen many landlords forced into foreclosure because their tenants have neglected to pay and they have been unable to evict them. With so many homeowners one mortgage payment away from foreclosure, it is easy for landlords to find themselves in foreclosure.
Apartment Savvy has a positive relationship with many stable Chicago landlords and property managers, however, and they do their best to bring together tenants and property owners that will have a harmonious business relationship. By prescreening tenants and forming close ties with owners and managers of the best Chicago apartments, they hope to avoid these undesirable situations.
For more information about Apartment Savvy and Chicago apartments for rent, call (773)348-8921 or visit http://www.apartmentsavvy.com.
About Apartment Savvy Chicago:
Founded in 2004, Apartment Savvy Chicago, LLC is the premier apartment locating service in Chicago, headquartered at 2835 North Clark on the border of the Lincoln Park and Lakeview neighborhoods. At no cost to the tenant, Apartment Savvy is dedicated to providing consumers the best housing options in Chicago. Apartment Savvy customizes each search to best fit the needs of the prospective tenant in the most efficient and stress-free manner. Experienced agents personally accompany and guide each Apartment Savvy customer to every location, free of charge. Whether it is a Loop loft, Gold Coast high-rise, Lincoln Park condo, Ravenswood walk-up, Lakeview apartment or any other housing choice, Apartment Savvy has the resources to find a perfect Chicago residence.